Maximising Sales this Black Friday
Arguably, one of the most key trading periods of the year, Black Friday is nearly upon us.
Despite 4 years of declining efficacy, Black Friday in 2023 is predicted to be back with a bang. Key predictions from several recent studies suggest:
🚀 Black Friday weekend spending is set to exceed £3.8 billion
🚀 The average spend has increased to £122 per customer, up from £108 in 2023
🚀 Men are on average likely to spend £20 more this Black Friday than women
🚀Gen Z are predicted to far outspend the over 55s
🚀 1 in 2 people are starting their Black Friday shopping 2 weeks ahead this year
🚀 74% of British customers are sceptical about Black Friday deal legitimacy
With these predictions, we can more accurately tailor our offering to customers this Black Friday. We’ve put together some of our best tips for maximising your Black Friday sales and beyond.
It’s a Hectic Marketplace
We are seeing numerous brands pushing their Black Friday offerings hard already, teasing dates to consumers using CRM and social media. With the stat in mind that customers are looking for deals up to 2 weeks ahead, it is worth considering your communication cadence for the peak period. The risks sit with customers' mental availability for your brand diminishing as their purchase intention increases throughout the period.
Tip: Strategically consider your communication cadence for Black Friday
Budget for Increased Paid Spend During the Peak
It is well known that paid search and paid social are highly performing channels during Black Friday, thus increasing CPA (Cost Per Acquisition) and potentially reducing ROAS (Return on Ad Spend). This will be compounded by recent events in the USA if your brand operates there.
Tip: Be strategic with your approach to paid spend – do you want to target new or existing customers? If the former, how much are you willing to spend to acquire these leads?
Timing is Key
Over 50% of shoppers planning on purchasing an item hold off until the Black Friday period in order to get the best deal. Despite predictions highlighting that customers plan to shop earlier in 2024, this still could severely impact your November sales.
Tip: Be aware of how you communicate your Black Friday proposition to reduce the risk of cannibalising any pre-Black Friday sales
Nurture Your New Customers
Black Friday and the peak period see a huge number of new customers to brands, meaning it’s an exciting time to develop your nurture strategy. This new customer is likely to have cost you more than normal, so it’s imperative to nurture and boost this customer’s brand loyalty.
Tip: Consider your customer’s post-purchase journey – how will you differentiate your communications to meet their needs?
Having worked with brands during Black Friday for several years, we are well-versed in how to strategize effectively for your own business to not get lost in the sea of sameness and lose valuable margin at a prime trading period.
Get in touch to discuss how we can help you during this peak period.
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